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Need agent for registration of non-resident company and bank account

C

Coffee

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Nov 4, 2018
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#1
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Hi

I would like to register a non-resident company in Cyprus and open a bank account in order to save costs and to achieve privacy. Do you know any good agents and what are the typical costs (and required time)?

If I use a nominee director and engage online freelancers to perform the work while I live in a country which has a double tax treaty, what could be the tax consequences? Would some income be taxable in Cyprus?

High-level overview of the activities of the non-resident company
Industry: Blockchain and Crypto space
Services: Advisor for crypto portfolios (weightings, constituents etc), publication of news and market updates
Revenue: Management fee and advertising income

Is Cyprus the right location?

Thanks
 
#3
You may setup a small real office in Cyprus and you are good to go. If you don't want to do that, you want to look into other banks as mentioned here already. EMI accountsl ike Mister Tango, Transferwise and LeuPay are some of them.
 
#4
Coffee said:
Industry: Blockchain and Crypto space
Click to expand...
this makes it impossible to get any real banking. The company setup is not the problem, you can get that done almost everywhere i.e. Belize, Seychelles, St. kitts, Dominica wherever you want but the banks will reject your application. Only possible option I see is use Mister Tango or similar service for banking alternatives.
 
#5
Thank you for your answers.

I know it is difficult with bank accounts. However, I don't trade with crypto and don't accept any crypto money from clients. This should make a difference.

I want the company in the EU due to marketing reasons and trust.

Do you know any agents for Cyprus with experience? What I want to avoid is to open a company with no bank account... aren't there any banks in Cyprus with less strict rules?
 
#6
Coffee said:
Thank you for your answers.

I know it is difficult with bank accounts. However, I don't trade with crypto and don't accept any crypto money from clients. This should make a difference.

I want the company in the EU due to marketing reasons and trust.

Do you know any agents for Cyprus with experience? What I want to avoid is to open a company with no bank account... aren't there any banks in Cyprus with less strict rules?
Click to expand...

If trust is important, using a nominee will not be very helpful.
 
#7
Coffee said:
Thank you for your answers.

I know it is difficult with bank accounts. However, I don't trade with crypto and don't accept any crypto money from clients. This should make a difference.

I want the company in the EU due to marketing reasons and trust.

Do you know any agents for Cyprus with experience? What I want to avoid is to open a company with no bank account... aren't there any banks in Cyprus with less strict rules?
Click to expand...
No there are no banks in Cyprus with less rules, the opposite is the case! As soon as they hear the word crypto they will reject your application.

You will need to find an EMI or a bank that is crypto friendly, however, as you already have figured out, this is the difficult part.
 
#8
Thank you for your answers.

- It is a legitimate business and will be approved by regulatory authority in my home country (pending).
- I want to open the LTD in Cyprus due to cost arbitrage as I live in a very expensive country.
- Furthermore, anonymity is of importance to me. I do not want that everyone knows what I do (business).

If I don't use a nominee director, what will show up in public registers in Cyprus? Will a simple Google search show everything? Is the nominee solution useless if I open a bank account in my own name (as the counterparty see the ultimate beneficiary of the account)?

Thank you!
 
#9
Coffee said:
Thank you for your answers.

- It is a legitimate business and will be approved by regulatory authority in my home country (pending).
- I want to open the LTD in Cyprus due to cost arbitrage as I live in a very expensive country.
- Furthermore, anonymity is of importance to me. I do not want that everyone knows what I do (business).

If I don't use a nominee director, what will show up in public registers in Cyprus? Will a simple Google search show everything? Is the nominee solution useless if I open a bank account in my own name (as the counterparty see the ultimate beneficiary of the account)?

Thank you!
Click to expand...
Without nominee you'll show up online as director of the company.
 
#10
Yes as already mentioned here, without nominees your name will show up on the public registry of companies in Cyprus! You will need to appoint nominee director and shareholder to avoid this to happen. Doing so will require a PoA which you want to request from your agent! It's required to be able to manage the company.
 
#11
Just had a look at the department of registrar. Only the Directors & Secretaries are published.

Search Results

However there are other services that provide such information Cyprus Registry

What are the typical annual costs for renewal, nominee director / shareholder / audit? EUR 2.5k?

@ Admin: Do you offer coaching services on a hourly basis? Do you know any reputable agents / law companies?
 
#12
Well you can search the forum as well as checkout the signatures on the different service providers.
 
#13
A Cyprus company will work fine for this business activity and even look more legit compared to HK, Belize and the most common jurisdictions used around.

The consultancy firm I founded back 2 years is located in Cyprus, my customers have trust in it and didn't asked question compared to what they did when I started out with Seychelles corp.
 
#16
i did little bit research and found what my competitors are doing
They're opening companies in Hungary as a Consulting companies and using magnet bank or OTP bank ( Local hungary banks they're doing the same in poland too! Satander Baank and Millenium bank

So i will wire just big amounts
 
#17
JohnDedvukaj said:
i did little bit research and found what my competitors are doing
They're opening companies in Hungary as a Consulting companies and using magnet bank or OTP bank ( Local hungary banks they're doing the same in poland too! Satander Baank and Millenium bank

So i will wire just big amounts
Click to expand...
So what you suggest is to visit the country, Hungary?

I have setup my company in Cyprus which was very good for my business. Bank account with Bank of Cyprus!
 
#19
hocuspocus said:
Hey hofo,

When did you open your business bank account? I've heard it became difficult to get account opened without office and employees in Cyprus...

Thanks!
Click to expand...
2 months ago. All still good and business is growing rea#44!
 
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